Supplement Dated July 21, 2000*
to the Prospectus Dated May 1, 2000
of Wells Fargo Advantage(SM) Builder Variable Annuity 44224 C (05/00)
The following information applies to contracts purchased in the state of Oregon.
1. The name of the product is changed from the Wells Fargo AdvantageSM Builder
Variable Annuity to the Advantage Builder Variable Annuity throughout the
prospectus.
2. The Guarantee Period Accounts and the Guaranteed Minimum Income Benefit
Rider are not available under contracts purchased in Oregon. Any reference
in this prospectus to the Guarantee Period Accounts and the Guaranteed
Minimum Income Benefit Rider, and any contract features or benefits
associated with the Guarantee Period Accounts and the Guaranteed Minimum
Income Benefit Rider are deleted.
3. The six year withdrawal charge schedule is not available under contracts
purchased in Oregon. Any reference in this prospectus to the six year
withdrawal charge schedule, and any contract features or benefits
associated with the six year withdrawal charge schedule are deleted.
4. The following bullet point is added to "The Contract in Brief" section of
the prospectus under the "Buying your contract" heading:
o Purchase payments are limited and may not be paid after the first
contract anniversary.
5. The following sentence is added to the "Buying Your Contract" section of
the prospectus under the "Purchase payments" heading:
Purchase payments are limited and may not be paid after the first contract
anniversary.
<PAGE>
6. The expense example on page 14 of the prospectus is deleted in its entirety
and replaced with the following information:
<TABLE>
<CAPTION>
You would pay the following expenses on a $1,000 investment if you selected a
eight-year withdrawal charge schedule with the optional 0.20% Enhanced Death
Benefit Rider and assuming a 5% annual return and....
total withdrawal at the end of each no withdrawal or selection of an
time period annuity payout plan at the end of each
time period
1year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AXPSM Variable Portfolio --
Blue Chip Advantage Fund $105.30 $157.78 $212.89 $283.03 $25.30 $77.78 $132.89 $283.03
Capital Resource Fund 103.66 152.86 204.68 266.68 23.66 72.86 124.68 266.68
Diversified Equity Income Fund 105.30 157.78 212.89 283.03 25.30 77.78 132.89 283.03
Extra Income Fund 104.07 154.09 206.74 270.79 24.07 74.09 126.74 270.79
Federal Income Fund 104.58 155.63 209.31 275.91 24.58 75.63 129.31 275.91
New Dimensions Fund(R) 103.86 153.47 205.71 268.74 23.86 73.47 125.71 268.74
Small Cap Advantage Fund 108.17 166.36 227.12 311.02 28.17 86.36 147.12 311.02
AIM V.I.
Capital Appreciation Fund 103.04 151.01 201.59 260.48 23.04 71.01 121.59 260.48
Value Fund 103.35 151.93 203.14 263.58 23.35 71.93 123.14 263.58
Dreyfus
The Dreyfus Socially Responsible
Growth Fund, Inc. 103.66 152.86 204.68 266.68 23.66 72.86 124.68 266.68
FTVIPT
Franklin Income Securities Fund - 103.25 151.62 202.62 262.55 23.25 71.62 122.62 262.55
Class 2
Franklin Real Estate Fund - Class 2 104.07 154.09 206.74 270.79 24.07 74.09 126.74 270.79
Franklin Small Cap Fund - Class 2 106.53 161.46 219.01 295.12 26.53 81.46 139.01 295.12
Mutual Shares Securities Fund - Class 106.22 160.54 217.48 292.11 26.22 80.54 137.48 292.11
2
Goldman Sachs VIT
CORESM U.S. Equity Fund 104.78 156.24 210.33 277.94 24.78 76.24 130.33 277.94
Global Income Fund 107.35 163.91 223.07 303.10 27.35 83.91 143.07 303.10
Internet Tollkeeper Fund 108.37 166.97 228.13 312.99 28.37 86.97 148.13 312.99
Mid Cap Value Fund 106.32 160.85 217.99 293.11 26.32 80.85 137.99 293.11
MFS(R)
Growth with Income Series 104.58 155.63 209.31 275.91 24.58 75.63 129.31 275.91
Utilities Series 104.89 156.55 210.84 278.96 24.89 76.55 130.84 278.96
Putnam VT
Putnam VT International Growth Fund -
Class IB Shares 107.55 164.53 224.09 305.09 27.55 84.53 144.09 305.09
Putnam VT Vista Fund - Class IB Shares 104.78 156.24 210.33 277.94 24.78 76.24 130.33 277.94
Wells Fargo VT
Asset Allocation Fund 105.81 159.32 215.44 288.08 25.81 79.32 135.44 288.08
Corporate Bond Fund 104.78 156.24 210.33 277.94 24.78 76.24 130.33 277.94
Equity Income Fund 105.81 159.32 215.44 288.08 25.81 79.32 135.44 288.08
Equity Value Fund 105.81 159.32 215.44 288.08 25.81 79.32 135.44 288.08
Growth Fund 105.81 159.32 215.44 288.08 25.81 79.32 135.44 288.08
International Equity Fund 105.81 159.32 215.44 288.08 25.81 79.32 135.44 288.08
Large Company Growth Fund 105.81 159.32 215.44 288.08 25.81 79.32 135.44 288.08
Money Market Fund 104.27 154.71 207.77 272.84 24.27 74.71 127.77 272.84
Small Cap Growth Fund 107.86 165.44 225.60 308.06 27.86 85.44 145.60 308.06
</TABLE>
44224-14 A (7/00) *Valid until April 30, 2001.
